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what is actuarial management
It is an undergraduate course in Commerce. Actuarial Management is the discipline that applies statistical and mathematical method to assess risk in the insurance and finance industries. It also includes many interrelating subjects like finance, economics, probability, computer programming, financial economics, mathematics and statistics.
cass business school msc actuarial management
Overview
Who is it for?
You are a part-qualified actuary or a graduate from a recognised BSc or MSc in Actuarial Science or any other recognised programme with an actuarial flavour. You will have completed the equivalent of at least four subjects from the Core Principles stage of the professional examinations of the Institute of Actuaries (IFoA), including Core Mathematics (CM1).
Objectives
The MSc in Actuarial Management programme covers material relating to the second and third stages of the professional examinations of the Institute and Faculty of Actuaries, namely the Core Practices subjects and Specialist Principles subjects.
Taking this master’s degree at Bayes means you are studying in the first institution in the UK to have both undergraduate and postgraduate programmes fully accredited by the UK Institute and Faculty of Actuaries.
You can also gain exemptions from the IFoA’s examinations. In particular you can gain exemptions in Actuarial Practice (Subject CP1), Modelling Practice (Subject CP2) and Communications Practice (Subject CP3) and most of the Specialist Principles (SP) subjects.
Exemptions
In early 2019 significant changes were made to the curriculum of Institute and Faculty of Actuaries professional exams.
Exam passes and exemptions achieved under the previous curriculum may be eligible for conversion to the Curriculum 2019 structure in line with the transfer guidelines published by the IFoA.
Structure
What will you learn
On the Actuarial Management MSc you will learn to:
- Demonstrate knowledge and understanding of the main areas of actuarial practice
- Demonstrate knowledge and understanding of the general commercial environment
- Demonstrate knowledge and understanding of how to monitor measure and manage risk effectively
- Apply actuarial, statistical and related methods to assess and manage risk
- Communicate effectively with non-specialists in the area
- Display the professional integrity, conduct and responsibility required by the actuarial profession.
In addition to the compulsory modules below, students must choose a total of three modules across Terms 1 and 2 from the list of electives (including at least two SP modules). Note that all Core Principles (CS, CM and CB) modules offered are subject to availability as they are hosted by the MSc in Actuarial Science and students on this programme will be given priority. Finally, the exemption from Communications Practice (CP3) is offered on a subject-by-subject basis.
Induction weeks
All of our MSc courses start with two compulsory induction weeks which include relevant refresher courses, an introduction to the careers services and the annual careers fair.
Term 1
Compulsory modules:
- Actuarial Practice (CP1) – Part I The aim of this module is that upon successful completion, the candidate should understand strategic concepts in the management of the business activities of financial institutions and programmes, including the processes for management of the various types of risk faced, and be able to analyse the issues and formulate, justify and present plausible and appropriate solutions to business problems.
- Strategic Management and Marketing This module introduces the core elements of business management. It seeks to provide into three interrelated strands of business activity: general management, business strategy and marketing. The module aims to develop an understanding of the challenges and opportunities associated with working in contemporary organisations. It explores the business concepts and the issues firms face in gaining competitive advantage. On completion, you should be capable of analysing business environments, corporate strategies and marketing plans.
- Research Methods for Actuarial Professionals This module is compulsory for all students electing to complete the MSc in Actuarial Management and provides students with an understanding of how to undertake independent research either in the context of a single organisation or by using third-party sources. Students also develop the necessary tools and skills to initiate, research and write up a business project and the module includes dedicated training in research methodology, availability of data sources, project writing, time-management and presentation skills. These skills will be invaluable to students in their future career whether or not they choose to complete the MSc by means of the Business Research Project.
Elective modules:
- Life Insurance (SP2)The aim of this module is to instil in successful candidates the main principles of actuarial planning and control, and mathematical and economic techniques, relevant to life insurance companies. The student should gain the ability to apply the knowledge and understanding, in simple situations, to the operation, on sound financial lines, of life insurance companies.
- Pensions and other benefits (SP4)This module enables you to gain exemption from Subject ST4 of the professional examinations of the Faculty and Institute of Actuaries.
- General Insurance: Reserving and Capital Modelling (SP7)The course provides you with an introduction to the concepts of reserving and capital modelling in general insurance and provides you with the opportunity to gain an exemption from Subject ST7 of the syllabus of the Institute of Actuaries.
- Finance and Financial Reporting (CB1)Students will be able to explain the structure of joint stock companies, define the principal forms of financial instruments, and discuss the characteristics of different financial statements. They will master the principles underlying the construction of financial statements and be able to apply and evaluate alternative approaches in interpreting the financial statements of companies and financial institutions. They will also be able to construct financial statements in a form suitable for publication.
- Business Economics (CB2)This module will give students the ability to understand the key aspects of the operation of markets, consumer demand, the production decisions of a firm, the determinants of market structure, and the effects of market structure on a firm’s supply and pricing decisions. Students will discuss the economic analysis at both the micro and macro levels, focusing on those areas most relevant to actuarial science, as well as the implications of changes in relevant variables on the equilibrium operation of markets. They will also develop an understanding of macroeconomic analysis and interpret the economic environment with regard to inflation, investment returns, stock market behaviour, exchange rates and economic growth.
Term 2
Compulsory modules:
- Actuarial Practice (CP1) – Part II The aim of this module is that upon successful completion, the candidate should understand strategic concepts in the management of the business activities of financial institutions and programmes, including the processes for management of the various types of risk faced, and be able to analyse the issues and formulate, justify and present plausible and appropriate solutions to business problems.
Elective modules:
- Health and Care (SP1)Health insurance is a specialist area. The continued provision of this insurance depends upon health insurers being profitable. The module provides an in-depth analysis of the theory and practice of health insurance from an actuarial standpoint.
- Finance and Investment A (SP5)This module will provide you with an introduction to modern techniques of financial management, and examples of applications of these techniques to the business of managing assets and financing corporate entities.
- Finance and Investment B (SP6)This module aims to instil in you the ability to value financial derivatives and the ability to assess and manage the risks associated with a portfolio of derivatives, including credit derivatives and to value credit derivatives using simple models for credit risk
- General Insurance: Pricing (SP8)This module provides students with the ability to apply, in simple pricing and reinsurance analysis situations, the mathematical and economic techniques and the principles of actuarial planning and control needed for the operation on sound financial lines of a general insurance company.
- Modelling Practice (CP2)This module provides students with understanding of how to model data, document the work, analyse the methods used and outputs generated, and how to communicate the approach, results and conclusions.
- Financial Economics (CM2)Students will develop a proficiency in the application of models used in financial economics and understand how these models are used, also via computer-based applications. They will analyse insurance problems in terms of utility theory, define measures of investment risk, and describe how insurance companies help reduce or remove risk. They will be able to explain the assumptions and ideas underlying different financial models, and apply finance theory to assess risk, make portfolio decisions, model asset prices and interest rates, and value derivatives.
- Insurance Risk Modelling (CS2)This module aims to explain the fundamental risk modelling for insurance applications. Students will develop proficiency in using statistical and stochastic modelling for life and non-life insurance risks. Various topics will be accompanied by computer-based applications.
Term 3
Students choosing to complete the MSc in Actuarial Management have three options in their third term
- Business Research Project (40 credits) and one elective (10 credits)
- Applied Research Project (20 credits) and three electives (10 credits each)
- Five specialised electives in term three to give them an understanding of a breadth of subject matter, both in actuarial science and in wider fields such as finance, investment, insurance, programming and machine learning.
Term 3 online pre-courses
Introduction to Python Programming
This module is designed to provide a fundamental understanding of Python programming and no previous programming experience is expected. The teaching model is learning-by-doing and basic concepts are built up in an incremental manner.
The online material is formulated via multiple Python code examples that enable the students to work independently when dealing with small Python programming tasks.
Introduction to R Programming
This module is designed to provide a fundamental understanding of R programming and no previous programming experience is expected. The teaching model is learning-by-doing and basic concepts are built up in an incremental manner.
The online material is formulated via multiple R code examples that enable the students to work independently when dealing with small R programming tasks.
Term 3 Electives
- Applied Machine Learning
- Enterprise Risk Management
- Introduction to Copula Modelling
- Introduction to Model Office Building in Life Insurance
- Emerging Global Risks
- Stochastic Claims Reserving in General Insurance
- Topics in Quantitative Risk Management
- Modelling and Data Analysis
- Ethics, Society & the Finance Sector
- VBA with Application for Finance
- FinTech (international elective – Italy)
- Technical Analysis and Trading Systems
- Data Management Systems
- Applied Natural Language Processing
- Alternative Risk Transfer and Risk Securitisation
Please note that electives are subject to change and availability.
Research projects
Business Research Project
It is important for aspiring professionals to demonstrate, on an individual basis, their ability to apply concepts and techniques they have learned in an in-depth study of a topic of their choice and to organise their findings in a report, all conducted within a given time limit.
To train you to undertake individual research and provide you with an opportunity to specialise in a contemporary business or finance topic related to your future career aspirations.
You are required to submit a project of approximately 10,000 words on any subject area covered in the rest of the programme. Typical projects can involve any of the following: extracting data from electronic databases or by hand; statistical analysis of large or small populations; interviews; case studies of an industry or a sector or of a business / finance issue in a particular country setting.
Applied Research Project
The aim of this module is to enable you to demonstrate how to integrate your learning in core and elective modules and then apply this to the formulation and completion of an applied research project. You will be required to demonstrate the skills and knowledge that you have acquired throughout your MSc study.
You will undertake a short piece of applied research on a question of academic and/or practical relevance. Guidelines will be provided in order to help you identify the research question. Based on your chosen topic, you must write a report of around 3,000–5,000 words that summarises and critically evaluates your method and your findings.
Assessment
All our courses are regularly reviewed to keep them up-to-date on issues of both theory and practice.
Assessment of modules on the MSc in Actuarial Management, in most cases, is by means of coursework and unseen examination. Coursework may consist of standard essays, individual and group presentations, group reports, classwork, unseen tests and problem sets. Please note that any group work will include an element of peer assessment.
Application
How to apply
Applications are now closed.
Documents required for decision-making
- Transcript/interim transcript
- Current module list if still studying
- CV
- Confirmation of professional qualification examinations/exemptions/passes
- Personal statement – this should be around 500 words in length and answer the following:
- Why have you selected this course? What are your motivating factors?
- What are your areas of interest within the course?
- What contributions do you feel you can make to the course?
- How do you see the course affecting your career plans?
Documents which may follow at a later date
- English language test result, if applicable
- Two references
- Confirmation of your final Institute and Faculty of Actuaries exam passes/exemptions (if you are still studying)
- For a successful application to receive an unconditional status all documents must be verified, so an original or certified copy of the degree transcript must be uploaded to the application form or e-mailed to the relevant Admissions Officer upon request
We cannot comment on individual eligibility before you apply and we can only process your application once it is fully complete, with all requested information received.
Individual Appointments
Unfortunately, as a result of the evolving situation regarding the coronavirus (COVID-19) pandemic, we can only offer online appointments to discuss your application.
Please note – these are subject to availability.
Fees
UK/EU/International£22,000Tuition fees are subject to annual changeUK/EU/International (part-time)£11,000Tuition fees are subject to annual change
Fees in each subsequent year of study (where applicable) will be subject to an annual increase of 2%. We will confirm any change to the annual tuition fee to you in writing prior to you commencing each subsequent year of study for continuing students (where applicable).
Deposit: £2,000 (usually paid within 1 month of receiving offer and non-refundable unless conditions of offer are not met)
First installment: Half fees less deposit (payable during on-line registration which should be completed at least 5 days before the induction period)
Second installment: Half fees (paid in January following start of course)
Career pathways
Career destinations for MSc Actuarial Management
Our MSc Actuarial Management teaches you the technical skills and problem-solving techniques for a successful rewarding career as an actuary. This master’s degree reflects the changing skills expected from actuaries in the fields of life and non-life insurance, health and care, pensions, finance and investment.
We have many qualified actuaries on our teaching staff who use their commercial experience and research to inform their teaching. Our academics maintain close links with the industry with many having worked, or still working, in their specialist sectors. Our graduates’ benefit from our contacts with numerous fantastic City firms, moving into positions in those firms every year.
Class of 2019 Profile
Typical roles for 2019 graduates include Actuarial Consultant, Senior Actuarial Analyst, Manager, Deputy Underwriter and Management Associate, within companies that include
- Projects Actuary, Actuarial – Axa
- Actuarial Associate, Actuarial Insurance – PWC
- Lead Associate, Pricing Team – Willis Towers Watson
- Actuarial Graduate, Risk Management – Hiscox
- Actuarial Analyst, Insuarance Solutions – Deloitte
- Projects Actuary, Actuarial – Axa
actuarial management salary
Average base salary
Data source tooltip for average base salary.
$145,858 Per hour Per day Per week Per month Per year
The average salary for a actuarial manager is $145,858 per year in the United States. 61 salaries reported, updated at August 29, 2022.
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